Gingrich: Romney will have to explain Bain

Newt Gingrich says that sooner or later Mitt Romney will have to detail his work for Bain investment company.

"Gov. Romney is at some point going to have to hold a press conference and he's going to have to step-by-step explain," Gingrich said this afternoon on Fox News.

The former House speaker cited a Wall Street Journal report on companies that went bankrupt under Bain's stewardship, even as Bain made money; the company is also being criticized by Democrats who are seeking to cast Romney as a tool of Wall Street.

Romney says Bain helped save companies and create jobs.

Gingrich, angry at Romney over critical ads aired during the campaign in Iowa, is vowing "straight contrast" ads against the Massachusetts governor in South Carolina and other primary states. Bain is likely to be one of the subjects.

"He's the one who cited his private-sector record," Gingrich said. "That makes his private-sector record fair game."

Gingrich pointed out that President Obama's re-election team can be counted on to discuss Bain in the fall campaign.

"If we have a potential nominee who can't take the heat in February, we sure don't want to discover that in September," Gingrich said. "I think Gov. Romney owes all of us a press conference."

Mitt Romney's political foes are stepping up attacks based on his time running investment firm Bain Capital, tagging him with making a fortune from the rougher side of American capitalism -- even as Mr. Romney says his Bain tenure shows he knows how to build businesses.

Amid anecdotal evidence on both sides, the full record has largely escaped a close look, because so many transactions are involved. The Wall Street Journal, aiming for a comprehensive assessment, examined 77 businesses Bain invested in while Mr. Romney led the firm from its 1984 start until early 1999, to see how they fared during Bain's involvement and shortly afterward.

Among the findings: 22% either filed for bankruptcy reorganization or closed their doors by the end of the eighth year after Bain first invested, sometimes with substantial job losses. An additional 8% ran into so much trouble that all of the money Bain invested was lost.

Another finding was that Bain produced stellar returns for its investors -- yet the bulk of these came from just a small number of its investments. Ten deals produced more than 70% of the dollar gains.

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About Catalina Camia

Catalina Camia leads the OnPolitics online community and has been at USA TODAY since 2005. She has been a reporter or editor covering politics and Congress for two decades, including stints at The Dallas Morning News and Congressional Quarterly. Follow her at @USATOnPolitics.